Serve Robotics Inc. (NASDAQ:SERV) Receives Consensus Rating of “Strong Buy” from Brokerages

Serve Robotics Inc. (NASDAQ:SERV) has received an average rating of “Strong Buy” from the five research firms that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.50.

Several equities research analysts have issued reports on SERV shares. Northland Securities lifted their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th.

Insider Activity

In other news, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was a 0.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in SERV. State Street Corp purchased a new position in Serve Robotics in the third quarter valued at approximately $333,000. Exchange Traded Concepts LLC bought a new position in shares of Serve Robotics during the 4th quarter worth $9,066,000. Atomi Financial Group Inc. purchased a new stake in Serve Robotics in the 4th quarter worth about $209,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the third quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the period. Finally, Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics in the third quarter worth about $9,636,000.

Serve Robotics Price Performance

Shares of NASDAQ:SERV opened at $16.59 on Monday. The company’s 50-day moving average price is $14.74 and its two-hundred day moving average price is $11.43. Serve Robotics has a 12 month low of $1.77 and a 12 month high of $24.35.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The company had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. On average, sell-side analysts expect that Serve Robotics will post -0.98 EPS for the current fiscal year.

Serve Robotics Company Profile

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.